articles Ratings /ratings/en/research/articles/200514-default-transition-and-recovery-more-than-one-quarter-of-speculative-grade-issuers-are-weakest-links-11488609 content esgSubNav
In This List
COMMENTS

Default, Transition, and Recovery: More Than One-Quarter Of Speculative-Grade Issuers Are Weakest Links

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Jan. 8, 2025

COMMENTS

2023 Short-Term Corporate Default And Rating Transition Study

COMMENTS

Credit Trends: U.S. Corporate Bond Yields As Of Dec. 11, 2024

COMMENTS

Default, Transition, and Recovery: Global Speculative-Grade Corporate Default Rate To Decline To 3.5% By September 2025


Default, Transition, and Recovery: More Than One-Quarter Of Speculative-Grade Issuers Are Weakest Links

Since the financial crisis, more aggressive financial policies and investors' risk appetite helped promote the growth of low-rated issuers globally. With a combination of the COVID-19 pandemic, the economic cost of policies to manage it, and a deep and sustained oil price dislocation, these issuers face unprecedented challenges that will likely escalate their downgrade and default prospects.

The number of weakest links (issuers rated 'B-' or lower by S&P Global Ratings with negative outlooks or ratings on CreditWatch with negative implications) has continued to grow at unprecedented levels, to 600 in May from 440 in March. Weakest links as a percent of total speculative grade has risen to an all-time high of 25.6%, above 2009 levels of 20.0% (see chart 1).

Weakest links are a particularly important indicator of future defaults as their default rates are typically about eight times higher on average globally. The current trailing-12-month weakest links default rate is 28.2%, compared with a speculative-grade default rate of 2.8% (ended March 2020). Moreover, weakest links account for the largest share of defaults, particularly during periods of economic stress. For example, during the 2001-2002 economic downturn, more than half of the weakest links defaulted within 12 months, and nearly 65% defaulted within three years. By contrast, about 10% of all speculative-grade-rated issuers defaulted within 12 months, and about 23% defaulted within three years.

Chart 1

image

Weakest Links In A Time Of Economic Stress

Default rates among weakest links are typically more volatile than those among all speculative-grade issuers over both one-year and three-year time frames, and they are about eight times higher on average globally. When we look at this by region:

  • In the U.S. and emerging markets, they are nine times higher on average;
  • In other developed markets, they are six times higher on average; and
  • In Europe, they are eight times higher.

As of March 31, 2020, the trailing-36-month weakest links default rate was 38.9%, compared with a speculative-grade default rate of 6.4% (see chart 2). In addition, the trailing-12-month weakest links default rate was 28.2%, compared with a speculative-grade default rate of 2.8%. If half of the current number of global weakest links default--as they did during the financial crisis of 2008-2009, when the 12-month speculative-grade default rates reached 10%--we could see 271 defaults, averaging 23 defaults over the next 12 months. Defaults in April totaled 32, higher than the 23 defaults per month average (see table 3).

Due to the smaller sample size of weakest link issuers, the weakest links' default rate is notably volatile. To provide a more effective analysis, we have taken the mean 12-month default rates for weakest links by each region (see table 1).

Chart 2

image

Table 1

Regional Breakdown Of 12-Month-Trailing Weakest Links Default Rates (%)
Region Weakest links default rate All speculative-grade default rate
Global 24.1 2.8
U.S. 25.8 3.5
Europe 25.2 2.4
Emerging markets 17.3 1.9
Other developed 30.8 2.0
Data as of March 31, 2020. Source: S&P Global Ratings.

Table 2

In All Regions Except EEMEA, Current Weakest Links Surpass Five- And 10-Year Averages
Number of weakest links ('B-' and lower with CreditWatch negative/negative outlook) Five-year averages 10-year averages Total rated speculative-grade issuers % of weakest links to total speculative-grade-rated issuers Current distribution by region (%) Distribution by region 12 months prior (%)
U.S. 424 153 118 1480 28.65 70.7 71.6
Europe 98 26 22 527 18.60 16.3 12.6
Latin America 31 14 15 119 26.05 5.2 6.0
Canada 26 8 7 86 30.23 4.3 2.3
Asia/Pacific 14 8 7 105 13.33 2.3 4.2
EEMEA 7 14 11 122 5.74 1.2 3.3
Data as of May 11, 2020. EEMEA--Eastern Europe/Middle East/Africa. Source: S&P Global Ratings Research.

Recent Rating Actions Have Led To An Increase In Lower-Rated Entities

In recessionary times, the effect on ratings is more pronounced at the lower end of the credit spectrum. In April alone, S&P Global Ratings took rating actions on more than 650 nonfinancial corporate issuers, 80% of which were issuers with speculative-grade ratings. By rating, the number of issuers in the 'B-' and 'CCC' categories with negative outlooks or on CreditWatch negative implications has surpassed levels during the great financial crisis.

Chart 3

image

Consumer Products And Oil And Gas Lead Weakest Link Additions In April

Sectors particularly hard hit by the demand shock due to measures taken to control COVID-19 include media and entertainment (particularly travel-related companies, live events, theatrical events, theme parks, advertising), consumer products (food services, durables, apparel, direct marketers, musical instruments, and cosmetics), and oil and gas issuers--which all lead the weakest links tally. All three sectors have weaker ratings profiles than other sectors and have been directly affected by either low oil prices or social distancing and mandatory lockdown measures that have halted the demand for non-essential goods and services.

Chart 4

image

Chart 5

image

Table 3

Weakest Links Listed In The Top 250 Corporate Obligors Based On Outstanding Rated U.S. Cash Flow CLOs
Media and entertainment accounts for over one-third
Organization Rank in U.S. CLO transactions Outlook/CreditWatch Applied rating Sector/subsector

Endeavor Operating Co. LLC

8 Negative CCC+ Media and entertainment

Finastra Ltd.

39 Negative CCC+ High technology

Banff Parent Inc.

46 Watch Neg B- High technology

Intrado Corp.

47 Negative B- Telecommunications

GTT Communications Inc.

72 Negative CCC+ Telecommunications

Golden Nugget Inc.

81 Negative B- Retail/restaurants

Wand NewCo 3 Inc.

82 Negative B- Automotive

AVSC Holding Corp.

96 Watch Neg B- Media and entertainment

Toro Private Holdings I Ltd.

100 Negative B- Transportation

Dynasty Acquisition Co. Inc.

102 Negative B- Aerospace and defense

Solera Parent Holding LLC

123 Negative B- High technology

LTI Holdings Inc.

125 Negative CCC+ Capital goods

Surgery Partners Inc.

132 Watch Neg B- Health care

Oryx Midstream Holdings LLC

137 Negative B- Midstream

KUEHG Corp.

138 Negative CCC+ Media and entertainment

AMC Entertainment Holdings Inc.

139 Negative CCC- Media and entertainment

Solenis UK International Ltd.

143 Negative B- Chemicals, packaging, and environmental services

Petco Holdings Inc.

170 Negative CCC+ Retail/restaurants

Veritas Holdings Ltd.

174 Negative B- High technology

Riverbed Parent Inc.

176 Negative CCC+ High technology

Mohegan Tribal Gaming Authority

177 Watch Neg B- Media and entertainment

Vericast Corp.

179 Negative CCC+ Media and entertainment

Pugnacious Endeavors Inc.

186 Negative B- Media and entertainment

Project Boost Purchaser LLC

191 Negative B- High technology

USS Ultimate Holdings Inc.

192 Negative B- Chemicals, packaging, and environmental services

Mallinckrodt plc

196 Negative CCC Health care

ClubCorp Holdings Inc.

211 Negative CCC+ Media and entertainment

NEP/NCP Holdco Inc.

212 Watch Neg B- Media and entertainment

WP CPP Holdings LLC

220 Negative B- Aerospace and defense

Idemia France SAS

234 Negative B- High technology

Varsity Brands Holding Co. Inc.

248 Negative CCC+ Consumer products

DTI Holdco Inc.

249 Negative CCC+ Media and entertainment

Equinox Holdings Inc.

250 Negative CCC Media and entertainment
CLO--Collateralized loan obligation. Data as of April 22, 2020. Source: S&P Global Ratings Research.

Table 4

Over Half The 2020 Defaults Were Added In April
Global corporate defaults
Company Country Industry Debt (mil. $) Default date From To Weakest link

Constellis Holdings LLC

U.S. Aerospace/automotive/capital goods/metal 1,272.00 1/2/2020 CC SD Yes

TOMS Shoes LLC

U.S. Consumer/service sector 306.50 1/7/2020 CCC D Yes

SAL Acquisition Corp.

U.S. Consumer/service sector 740.00 1/9/2020 CCC SD Yes

Lecta S.A.

Luxembourg Forest and building products/homebuilders 668.39 1/13/2020 CC SD Yes

Qinghai Provincial Investment Group Co. Ltd.

China Energy and natural resources 850.00 1/14/2020 CCC- D Yes

Krystal Co. (The)

U.S. Consumer/service sector 0.00 1/19/2020 NR D No

Panda Green Energy Group Ltd.

Bermuda Utilities 350.00 1/21/2020 CC SD Yes

Deoleo S.A.

Spain Consumer/service sector 665.10 1/22/2020 CC SD Yes

Doncasters Group Ltd.

U.K. Aerospace/automotive/capital goods/metal 1,118.14 1/29/2020 CCC- SD Yes

Pinnacle Operating Corp.

U.S. Health care/chemicals 846.00 1/30/2020 CCC SD Yes

Commercial Barge Line Co.

U.S. Transportation 1,150.00 2/7/2020 CC D Yes

RentPath, LLC

U.S. Leisure time/media 0.00 2/12/2020 NR D No

McClatchy Co. (The)

U.S. Leisure time/media 710.00 2/13/2020 CC D Yes

Moby SpA

Italy Transportation 606.96 2/14/2020 CCC- SD Yes

NPC International Inc.

U.S. Consumer/service sector 950.00 2/14/2020 CCC- SD Yes

Pier 1 Imports Inc.

U.S. Consumer/service sector 200.00 2/18/2020 CCC- D Yes

Tunghsu Group Co. Ltd.

China High tech/computers/office equipment 390.00 2/21/2020 CCC- SD Yes

VIP Cinema Holdings Inc.

U.S. Consumer/service sector 230.00 2/24/2020 CCC- D Yes

Calfrac Well Services Ltd.

Canada Energy and natural resources 650.00 2/25/2020 CC SD Yes

PFS Holding Corp.

U.S. Consumer/service sector 390.00 2/28/2020 CCC- SD Yes

Pioneer Energy Services Corp.

U.S. Energy and natural resources 175.00 3/3/2020 CCC- D Yes

Bluestem Brands Inc.

U.S. Consumer/service sector 0.00 3/9/2020 NR D No

Ascena Retail Group Inc.

U.S. Consumer/service sector 1,800.00 3/12/2020 CCC SD Yes

Optimas OE Solutions Holding LLC

U.S. Aerospace/automotive/capital goods/metal 225.00 3/12/2020 CCC+ SD Yes

Frontier Communications Corp.

U.S. Telecommunications 12,628.00 3/16/2020 CCC- SD Yes

Internap Corp.

U.S. Telecommunications 435.00 3/17/2020 CCC+ D Yes

Geo Energy Resources Ltd.

Singapore Energy and natural resources 0.00 3/19/2020 B- SD Yes

Grain Insurance Co. JSC

Kazakhstan Insurance 0.00 3/20/2020 B D No

Optiv Inc.

U.S. High tech/computers/office equipment 1,030.00 3/27/2020 CCC+ SD No

Yida China Holdings Ltd.

Cayman Islands Forest and building products/homebuilders 300.00 3/27/2020 CC SD Yes

PGX Holdings Inc.

U.S. High tech/computers/office equipment 555.00 4/1/2020 CCC D Yes

Steak n Shake Inc. (Biglari Holdings Inc.)

U.S. Consumer/service sector 220.00 4/1/2020 CCC- SD Yes

Whiting Petroleum Corp.

U.S. Energy and natural resources 4,037.00 4/1/2020 CCC+ D Yes

KCA DEUTAG Alpha Ltd.

U.K. Energy and natural resources 1,685.00 4/2/2020 CCC+ SD Yes

CDS Group

Canada Leisure time/media 2,745.00 4/3/2020 CCC- D Yes

New Millennium Holdco Inc.

U.S. Health care/chemicals 1,200.00 4/3/2020 CC D Yes

BW Homecare Holdings LLC

U.S. Health care/chemicals 955.00 4/6/2020 CCC SD Yes

FE Investments Ltd. (FE Investments Group Ltd.)

New Zealand Financial institutions 0.00 4/6/2020 CCC D No

Gavilan Resources LLC

U.S. Energy and natural resources 450.00 4/7/2020 CCC- D Yes

Jason Inc.

U.S. Aerospace/automotive/capital goods/metal 420.00 4/7/2020 CCC SD Yes

Quorum Health Corp.

U.S. Health care/chemicals 880.00 4/7/2020 CCC- D Yes

Speedcast International Ltd.

Australia Telecommunications 1,200.00 4/7/2020 CCC D Yes

North American Lifting Holdings Inc.

U.S. Aerospace/automotive/capital goods/metal 655.00 4/8/2020 CCC- SD Yes

SPR Holdings LLC

U.S. Energy and natural resources 0.00 4/8/2020 CCC+ D Yes

Vestel Elektronik Sanayi Ve Ticaret A.S.

Turkey High tech/computers/office equipment 0.00 4/10/2020 CCC+ SD No

LSC Communications Inc.

U.S. Leisure time/media 763.00 4/14/2020 CC D Yes

Libbey Inc.

U.S. Consumer/service sector 0.00 4/14/2020 CCC SD Yes

NMC Health PLC

U.A.E. Health care/chemicals 0.00 4/14/2020 CCC- D Yes

Intelsat S.A.

Luxembourg High tech/computers/office equipment 4,835.00 4/15/2020 CCC+ SD Yes

O1 Properties Ltd.

Cyprus Real estate 0.00 4/16/2020 CC D Yes

Penney (J.C.) Co. Inc.

U.S. Consumer/service sector 4,468.00 4/16/2020 CCC D Yes

Mister Car Wash Holdings Inc.

U.S. Consumer/service sector 800.00 4/17/2020 CCC+ SD Yes

Ultra Petroleum Corp.

U.S. Energy and natural resources 0.00 4/17/2020 CCC- D Yes

Engine Holding LLC

U.S. Leisure time/media 0.00 4/21/2020 CCC- D Yes

Neiman Marcus Group LTD LLC

U.S. Consumer/service sector 6,469.00 4/22/2020 CCC- D Yes

Northwest Acquisitions ULC

Canada Energy and natural resources 750.00 4/23/2020 CCC+ D Yes

Diamond Offshore Drilling Inc.

U.S. Energy and natural resources 4,350.00 4/24/2020 CC D Yes

Enjoy S.A.

Chile Leisure time/media 300.00 4/24/2020 B- D Yes

Envision Healthcare Corp. (Envision Healthcare Holdings Inc.)

U.S. Health care/chemicals 6,975.00 4/28/2020 CC SD Yes

CSM Bakery Solutions LLC

U.S. Consumer/service sector 1,060.00 4/29/2020 CCC SD Yes

Virgin Australia Holdings Ltd.

Australia Transportation 1,035.96 4/30/2020 CC D Yes

J. Crew Group Inc. (Chinos Intermediate Holdings A, Inc.)

U.S. Consumer/service sector 1,567.00 5/4/2020 CCC- D Yes

Evergreen Skills Lux S.ar.l. (Evergreen Skills Intermediate Lux S.ar.l.)

Luxembourg High tech/computers/office equipment 2,035.00 5/5/2020 CCC- D Yes

Hertz Global Holdings Inc.

U.S. Transportation 5,050.00 5/7/2020 CCC- SD Yes

Petra Diamonds Ltd.

Bermuda Energy and natural resources 0.00 5/8/2020 CCC+ D Yes

Yihua Enterprise (Group) Co. Ltd.

China Consumer/service sector 250.00 5/11/2020 CCC SD Yes

Avianca Holdings S.A.

Panama Transportation 1,595.00 5/11/2020 CCC- D Yes
Excludes confidential entities. Data as of May 11, 2020. Source: S&P Global Market Intelligence’s CreditPro®.

Appendix

Chart 6

image

Chart 7

image

Chart 8

image

Table 5

Issuers Rated 'B-' Or Lower With Negative Outlooks Or Ratings On CreditWatch With Negative Implications
Rating Outlook/CreditWatch Placement Subsector Issuer Parent company New to the list this month Outlook/CreditWatch change Debt (mil. US$) Country Region
B- CreditWatch Negative Automotive Adler Pelzer Holding GmbH 380 Germany Europe
B- CreditWatch Negative Automotive Kongsberg Automotive ASA Yes 299 Norway Europe
B- CreditWatch Negative Chemicals, packaging, and environmental services AgroFresh Inc. 425 U.S. U.S.
B- CreditWatch Negative Consumer products Chefs' Warehouse Inc., (The) 710 U.S. U.S.
B- CreditWatch Negative Consumer products Edward Don & Co. Holdings, LLC 210 U.S. U.S.
B- CreditWatch Negative Consumer products KLDiscovery Inc. 680 U.S. U.S.
B- CreditWatch Negative Consumer products Lands' End Inc., Yes 515 U.S. U.S.
B- CreditWatch Negative Consumer products Pesquera Exalmar S.A.A. Yes 61 Peru Latin America
B- CreditWatch Negative Consumer products S.A. Usina Coruripe Acucar e Alcool Yes - Brazil Latin America
B- CreditWatch Negative Consumer products Sierra Enterprises LLC 282 U.S. U.S.
B- CreditWatch Negative Consumer products SIRVA Inc. 850 U.S. U.S.
B- CreditWatch Negative Financial institutions Muganbank OJSC Yes - Azerbaijan Eastern Europe/Middle East/Africa
B- CreditWatch Negative Financial institutions OCWEN Financial Corp. Yes 550 U.S. U.S.
B- CreditWatch Negative Forest products and building materials InterCement Brasil S.A. InterCement Participacoes S.A. - Brazil Latin America
B- CreditWatch Negative Forest products and building materials Pro.Gest SpA 543 Italy Europe
B- CreditWatch Negative Forest products and building materials Tensar Corp. (The) Yes 310 U.S. U.S.
B- CreditWatch Negative Forest products and building materials The New Home Co. Inc. 325 U.S. U.S.
B- CreditWatch Negative Health care Alliance HealthCare Services 525 U.S. U.S.
B- CreditWatch Negative Health care American Dental Partners Inc., 215 U.S. U.S.
B- CreditWatch Negative Health care ATI Holdings Acquisition Inc., 993 U.S. U.S.
B- CreditWatch Negative Health care Confluent Health, LLC 200 U.S. U.S.
B- CreditWatch Negative Health care Covenant Surgical Partners Inc., 700 U.S. U.S.
B- CreditWatch Negative Health care Dentalcorp Health Services ULC 1,152 Canada Canada
B- CreditWatch Negative Health care NN Inc., Yes 1,105 U.S. U.S.
B- CreditWatch Negative Health care Surgery Partners Inc., 2,355 U.S. U.S.
B- CreditWatch Negative High technology GI Revelation Acquisition LLC 715 U.S. U.S.
B- CreditWatch Negative Homebuilders/real estate companies Ezdan Holding Group Q.S.C. Yes 2,000 Qatar Eastern Europe/Middle East/Africa
B- CreditWatch Negative Homebuilders/real estate companies PT Modernland Realty Tbk. Yes 390 Indonesia Asia/Pacific
B- CreditWatch Negative Insurance APCO Super Holdco LP 220 U.S. U.S.
B- CreditWatch Negative Insurance Confie Seguros Holding Co. Yes 1,065 U.S. U.S.
B- CreditWatch Negative Media and entertainment 18 Fremont Street Acquisition, LLC 450 U.S. U.S.
B- CreditWatch Negative Media and entertainment ABC Financial Intermediate, LLC Yes - U.S. U.S.
B- CreditWatch Negative Media and entertainment Affinity Gaming 495 U.S. U.S.
B- CreditWatch Negative Media and entertainment Airxcel Inc. 480 U.S. U.S.
B- CreditWatch Negative Media and entertainment AVSC Holding Corp. 1,980 U.S. U.S.
B- CreditWatch Negative Media and entertainment Carlson Travel Inc 1,274 U.S. U.S.
B- CreditWatch Negative Media and entertainment Casper MidCo SAS 945 France Europe
B- CreditWatch Negative Media and entertainment Century Casinos Inc., 170 U.S. U.S.
B- CreditWatch Negative Media and entertainment Comet Bidco Ltd. 812 U.K. Europe
B- CreditWatch Negative Media and entertainment CWGS Enterprises, LLC 1,190 U.S. U.S.
B- CreditWatch Negative Media and entertainment Digital Room Holdings Inc., Yes 365 U.S. U.S.
B- CreditWatch Negative Media and entertainment Europcar Mobility Group S.A. Yes 1,684 France Europe
B- CreditWatch Negative Media and entertainment Hoya Midco, LLC Yes 640 U.S. U.S.
B- CreditWatch Negative Media and entertainment Hubbard Radio, LLC Yes 480 U.S. U.S.
B- CreditWatch Negative Media and entertainment International Park Holdings B.V. 728 Spain Europe
B- CreditWatch Negative Media and entertainment Jacobs Entertainment Inc. Yes 385 U.S. U.S.
B- CreditWatch Negative Media and entertainment National Amusements Inc. 300 U.S. U.S.
B- CreditWatch Negative Media and entertainment NEP/NCP Holdco Inc. 1,370 U.S. U.S.
B- CreditWatch Negative Media and entertainment Pinnacle Bidco PLC Yes 523 U.K. Europe
B- CreditWatch Negative Media and entertainment Piolin Bidco S.A.U. 1,054 Spain Europe
B- CreditWatch Negative Media and entertainment Promotora de Informaciones S.A. - Spain Europe
B- CreditWatch Negative Media and entertainment SBP Holding LP 845 U.S. U.S.
B- CreditWatch Negative Media and entertainment Spectacle Gary Holdings, LLC 370 U.S. U.S.
B- CreditWatch Negative Media and entertainment Sugarhouse HSP Gaming Prop. Mezz. L.P. 600 U.S. U.S.
B- CreditWatch Negative Media and entertainment The Octave Music Group Inc. 290 U.S. U.S.
B- CreditWatch Negative Media and entertainment TUI AG 326 Germany Europe
B- CreditWatch Negative Metals, mining, and steel Algoma Steel Inc. 285 Canada Canada
B- CreditWatch Negative Metals, mining, and steel Companhia Siderurgica Nacional (CSN) Yes 1,200 Brazil Latin America
B- CreditWatch Negative Oil and gas PGS ASA - Norway Europe
B- CreditWatch Negative Retail/restaurants AAG FH LP Yes 244 Canada Canada
B- CreditWatch Negative Retail/restaurants Container Store Group Inc., (The) 273 U.S. U.S.
B- CreditWatch Negative Retail/restaurants Mabel Topco Ltd. The Restaurant Group PLC 280 U.K. Europe
B- CreditWatch Negative Telecommunications Tele Columbus AG Yes 769 Germany Europe
B- CreditWatch Negative Transportation Gol Linhas Aereas Inteligentes S.A. - Brazil Latin America
B- CreditWatch Negative Transportation URS Holdco Inc., Yes 747 U.S. U.S.
B- Outlook Negative Aerospace and defense Dynasty Acquisition Co. Inc., Yes 2,340 U.S. U.S.
B- Outlook Negative Aerospace and defense Forming Machining Industries Holdings, LLC 320 U.S. U.S.
B- Outlook Negative Aerospace and defense Jazz Acquisition Inc. Wencor Group LLC 530 U.S. U.S.
B- Outlook Negative Aerospace and defense Salient CRGT Inc., 420 U.S. U.S.
B- Outlook Negative Aerospace and defense Triumph Group Inc. 1,325 U.S. U.S.
B- Outlook Negative Aerospace and defense Wesco Aircraft Holdings Inc. Wolverine Intermediate Holding Corp. Yes 2,075 U.S. U.S.
B- Outlook Negative Aerospace and defense WP CPP Holdings LLC Yes 1,506 U.S. U.S.
B- Outlook Negative Automotive Cooper-Standard Holdings Inc., Yes 740 U.S. U.S.
B- Outlook Negative Automotive Dealer Tire LLC Yes 1,733 U.S. U.S.
B- Outlook Negative Automotive EnTrans International, LLC Yes 255 U.S. U.S.
B- Outlook Negative Automotive FleetPride Inc., Fastlane Parent Co. Inc., Yes 845 U.S. U.S.
B- Outlook Negative Automotive Grupo Antolin Irausa SA 2,010 Spain Europe
B- Outlook Negative Automotive Holley Purchaser Inc., 400 U.S. U.S.
B- Outlook Negative Automotive Parts Holding Europe SAS Dakar Finance S.A. Yes 1,046 France Europe
B- Outlook Negative Automotive TPro Acquisition Corp. Yes 300 U.S. U.S.
B- Outlook Negative Automotive Truck Holdings Inc. 1,495 U.S. U.S.
B- Outlook Negative Automotive Wand NewCo 3 Inc., Yes 2,541 U.S. U.S.
B- Outlook Negative Automotive Wheel Pros Inc., 716 U.S. U.S.
B- Outlook Negative Capital goods Brand Industrial Services Inc., Yes 3,825 U.S. U.S.
B- Outlook Negative Capital goods CFS Brands LLC 408 U.S. U.S.
B- Outlook Negative Capital goods CIRCOR International Inc., Yes 492 U.S. U.S.
B- Outlook Negative Capital goods Crosby Worldwide Ltd. - U.K. Europe
B- Outlook Negative Capital goods DexKo Global Inc. Yes 2,998 U.S. U.S.
B- Outlook Negative Capital goods Energy Holdings (Cayman) Ltd., Yes 2,094 Cayman Islands U.S.
B- Outlook Negative Capital goods FR Flow Control Midco Ltd. Yes - U.K. Europe
B- Outlook Negative Capital goods Heidelberger Druckmaschinen AG Yes 223 Germany Europe
B- Outlook Negative Capital goods Infrastructure and Energy Alternatives Inc., - U.S. U.S.
B- Outlook Negative Capital goods JMC Acquisition Corp. Yes 460 U.S. U.S.
B- Outlook Negative Capital goods LJ Ruby Holdings, LLC Yes 435 U.S. U.S.
B- Outlook Negative Capital goods Maxim Crane Works Holdings Capital, LLC Yes 545 U.S. U.S.
B- Outlook Negative Capital goods Norican Global A/S 369 Denmark Europe
B- Outlook Negative Capital goods QualTek USA, LLC Yes 380 U.S. U.S.
B- Outlook Negative Capital goods Rubix Group Holdings Ltd. Yes 1,858 U.K. Europe
B- Outlook Negative Capital goods Safe Fleet Holdings LLC Yes 1,435 U.S. U.S.
B- Outlook Negative Capital goods Star UK Midco Ltd. Yes 535 U.K. Europe
B- Outlook Negative Capital goods Tailwind Smith Cooper Holding Corp. Yes - U.S. U.S.
B- Outlook Negative Capital goods Tank Holding Corp. Yes 529 U.S. U.S.
B- Outlook Negative Capital goods USIC Holdings Inc. Yes 1,892 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services ASP Chromaflo Holdings LP Yes 960 Cayman Islands U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Ball Metalpack Finco LLC 540 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Cornerstone Chemical Co. Yes 450 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Dunn Paper Holdings Inc. 350 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services EnergySolutions Inc. 650 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Fort Dearborn Holding Co. Inc. 625 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Hexion Inc. 1,637 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Kleopatra Holdings 1 S.C.A. 2,052 Luxembourg Europe
B- Outlook Negative Chemicals, packaging, and environmental services Kronos Worldwide Inc. Yes 435 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Perstorp Holding AB (publ) Yes 940 Sweden Europe
B- Outlook Negative Chemicals, packaging, and environmental services Pregis TopCo Corp. Yes 615 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Ring Container Technologies Group, LLC Yes 540 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services SK Invictus Intermediate II S.a r.l. 1,430 Luxembourg Europe
B- Outlook Negative Chemicals, packaging, and environmental services Solenis UK International Ltd. 4,819 U.K. Europe
B- Outlook Negative Chemicals, packaging, and environmental services TPC Group Inc., TPC Group LLC Yes 930 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Trident TPI Holdings Inc., 2,404 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services USS Ultimate Holdings Inc., Yes 2,490 U.S. U.S.
B- Outlook Negative Chemicals, packaging, and environmental services Vantage Specialty Chemicals Inc. 758 U.S. U.S.
B- Outlook Negative Consumer products Acropole Holding 527 France Europe
B- Outlook Negative Consumer products Afflelou SAS 451 France Europe
B- Outlook Negative Consumer products Amer Sports Holding 1 Oy Yes 1,847 Finland Europe
B- Outlook Negative Consumer products Boardriders Inc., 450 U.S. U.S.
B- Outlook Negative Consumer products Cast & Crew Payroll, LLC Yes 890 U.S. U.S.
B- Outlook Negative Consumer products CB Poly Investments, LLC Yes 1,686 U.S. U.S.
B- Outlook Negative Consumer products CHG PPC Intermediate II LLC Yes 881 U.S. U.S.
B- Outlook Negative Consumer products Corporacion Azucarera del Peru S. A. 325 Peru Latin America
B- Outlook Negative Consumer products Fetch Holdco LLC - U.S. U.S.
B- Outlook Negative Consumer products Genuine Financial Holdings, LLC Yes 1,050 U.S. U.S.
B- Outlook Negative Consumer products Halo Buyer Inc. Yes 370 U.S. U.S.
B- Outlook Negative Consumer products Haya Real Estate S.A.U Yes 516 Spain Europe
B- Outlook Negative Consumer products Hillman Cos. Inc. (The) Yes 1,390 U.S. U.S.
B- Outlook Negative Consumer products IM Growth SAS Yes 217 France Europe
B- Outlook Negative Consumer products Innovative Water Care Global Corp. 460 U.S. U.S.
B- Outlook Negative Consumer products KNEL Acquisition LLC 465 U.S. U.S.
B- Outlook Negative Consumer products Knowlton Development HoldCo Inc., Yes 1,860 Canada Canada
B- Outlook Negative Consumer products Livingston International Inc. 344 Canada Canada
B- Outlook Negative Consumer products LSF9 Balta Issuer S.A. 403 Belgium Europe
B- Outlook Negative Consumer products Marcolin SpA Yes 272 Italy Europe
B- Outlook Negative Consumer products Nutrition Parent LLC 248 U.S. U.S.
B- Outlook Negative Consumer products Owens & Minor Inc. 5,529 U.S. U.S.
B- Outlook Negative Consumer products P&L Development Holdings, LLC 313 U.S. U.S.
B- Outlook Negative Consumer products PetroChoice Holdings Inc., Yes 445 U.S. U.S.
B- Outlook Negative Consumer products pH Beauty Holdings I Inc., Yes 340 U.S. U.S.
B- Outlook Negative Consumer products Premier Brands Group Holdings LLC 325 U.S. U.S.
B- Outlook Negative Consumer products Selecta Group B.V. Yes 1,606 Netherlands Europe
B- Outlook Negative Consumer products SIWF Holdings Inc., Yes 1,145 U.S. U.S.
B- Outlook Negative Consumer products STG-Fairway Holdings, LLC (d/b/a First Advantage Corp.) Yes 815 U.S. U.S.
B- Outlook Negative Consumer products TGP Holdings III LLC 456 U.S. U.S.
B- Outlook Negative Consumer products YS Garments LLC 330 U.S. U.S.
B- Outlook Negative Financial institutions Freedom Mortgage Corp. Yes 1,350 U.S. U.S.
B- Outlook Negative Financial institutions Mulhacen Pte. Ltd. 560 Singapore Asia/Pacific
B- Outlook Negative Financial institutions Ravnaq-bank Private Open Joint-Stock Commercial Bank Yes - Uzbekistan Eastern Europe/Middle East/Africa
B- Outlook Negative Financial institutions Turkiston Bank Yes - Uzbekistan Eastern Europe/Middle East/Africa
B- Outlook Negative Financial institutions World Acceptance Corp. - U.S. U.S.
B- Outlook Negative Forest products and building materials Plaskolite PPC Intermediate II LLC Plaskolite PPC Intermediate I LLC 660 U.S. U.S.
B- Outlook Negative Forest products and building materials Specialty Building Products Holdings, LLC 500 U.S. U.S.
B- Outlook Negative Forest products and building materials Werner FinCo LP New Werner Holding Co. Inc., 625 U.S. U.S.
B- Outlook Negative Health care Aegis Toxicology Sciences Corp. Aegis Acquistion Inc., 300 U.S. U.S.
B- Outlook Negative Health care Albany Molecular Research Inc. 1,720 U.S. U.S.
B- Outlook Negative Health care Alvogen Pharma US Inc., Alvogen Lux Holdings S.a.r.l. 2,119 U.S. U.S.
B- Outlook Negative Health care American Renal Associates Holdings Inc., Yes 440 U.S. U.S.
B- Outlook Negative Health care Arbor Pharmaceuticals Inc. Yes 500 U.S. U.S.
B- Outlook Negative Health care Avalign Holdings Inc., 458 U.S. U.S.
B- Outlook Negative Health care Buccaneer Intermediate Holdco Ltd. Yes 545 U.K. Europe
B- Outlook Negative Health care ERC Topco Holdings, LLC Yes 220 U.S. U.S.
B- Outlook Negative Health care Greenway Health, LLC 530 U.S. U.S.
B- Outlook Negative Health care Lannett Co. Inc., 1,060 U.S. U.S.
B- Outlook Negative Health care Team Health Holdings Inc., Yes 7,230 U.S. U.S.
B- Outlook Negative High technology Aspen Jersey Topco LLC Yes 300 U.S. U.S.
B- Outlook Negative High technology Cohu Inc., 350 U.S. U.S.
B- Outlook Negative High technology Crackle Intermediate Corp. Crackle Holdings LP - U.S. U.S.
B- Outlook Negative High technology Diebold Nixdorf Inc. 4,084 U.S. U.S.
B- Outlook Negative High technology Eclipse Midco Inc., Yes 694 U.S. U.S.
B- Outlook Negative High technology Electronics for Imaging Inc., 1,100 U.S. U.S.
B- Outlook Negative High technology First American Payment Systems LP Yes 275 U.S. U.S.
B- Outlook Negative High technology Franklin Ireland Topco Ltd. Yes - Ireland Europe
B- Outlook Negative High technology Idemia France SAS 6,795 France Europe
B- Outlook Negative High technology Mitel Networks (International) Ltd. Yes 1,380 U.K. Europe
B- Outlook Negative High technology Nets Topco 3 S.a r.l. Yes 3,377 Denmark Europe
B- Outlook Negative High technology Procera I, LP Yes 510 Canada Canada
B- Outlook Negative High technology Project Boost Purchaser LLC Yes 1,230 U.S. U.S.
B- Outlook Negative High technology Project Silverback Holding Corp. 943 U.S. U.S.
B- Outlook Negative High technology QBS Parent Inc., Project Quarterback Parent, LLC 420 U.S. U.S.
B- Outlook Negative High technology Shift4 Payments LLC Yes 650 U.S. U.S.
B- Outlook Negative High technology Solera Parent Holding, LLC Yes 11,394 U.S. U.S.
B- Outlook Negative High technology Starfish Holdco LLC Yes 4,733 U.S. U.S.
B- Outlook Negative High technology Trade Me Group Ltd. Yes 605 New Zealand Asia/Pacific
B- Outlook Negative High technology Triton UK Midco Ltd. 305 U.K. Europe
B- Outlook Negative High technology Veritas Holdings Ltd. Yes 8,656 Bermuda U.S.
B- Outlook Negative High technology Wirepath LLC Crackle Holdings LP 682 U.S. U.S.
B- Outlook Negative Homebuilders/real estate companies PT Lippo Karawaci Tbk. 1,160 Indonesia Asia/Pacific
B- Outlook Negative Insurance Amynta Holdings LLC 1,455 U.S. U.S.
B- Outlook Negative Insurance One Call Corp. One Call Care Management Inc., Yes 1,866 U.S. U.S.
B- Outlook Negative Insurance Wethaq Takaful Insurance Co. K.S.C. Yes - Kuwait Eastern Europe/Middle East/Africa
B- Outlook Negative Media and entertainment APX Group Holdings Inc. Yes 4,577 U.S. U.S.
B- Outlook Negative Media and entertainment AQ Carver Buyer Inc., Yes 455 U.S. U.S.
B- Outlook Negative Media and entertainment Awaze Ltd. Yes 1,072 U.K. Europe
B- Outlook Negative Media and entertainment Bowlero Corp. 1,045 U.S. U.S.
B- Outlook Negative Media and entertainment Cassini 715 France Europe
B- Outlook Negative Media and entertainment Cengage Learning Holdings II Inc. Yes 2,580 U.S. U.S.
B- Outlook Negative Media and entertainment Cirsa Enterprises S.L.U. LHMC Finco 2 S.a.r.l. Yes 2,172 Spain Europe
B- Outlook Negative Media and entertainment ConvergeOne Holdings Inc. 1,235 U.S. U.S.
B- Outlook Negative Media and entertainment Deliver Buyer Inc., 630 U.S. U.S.
B- Outlook Negative Media and entertainment DMT Solutions Global Corp. 250 U.S. U.S.
B- Outlook Negative Media and entertainment EagleView Technology Corp. 765 U.S. U.S.
B- Outlook Negative Media and entertainment Infogroup Inc. 250 U.S. U.S.
B- Outlook Negative Media and entertainment IRI Holdings Inc. 1,600 U.S. U.S.
B- Outlook Negative Media and entertainment McGraw-Hill Education Inc., Yes 2,125 U.S. U.S.
B- Outlook Negative Media and entertainment Monitronics International Inc. 1,923 U.S. U.S.
B- Outlook Negative Media and entertainment Prometric Holdings Inc., 1,294 U.S. U.S.
B- Outlook Negative Media and entertainment Pugnacious Endeavors Inc. Yes 2,192 U.S. U.S.
B- Outlook Negative Media and entertainment SP PF Buyer LLC 439 U.S. U.S.
B- Outlook Negative Media and entertainment Spring Education Group Inc. 866 U.S. U.S.
B- Outlook Negative Media and entertainment Sterling Intermediate Corp. Yes 655 U.S. U.S.
B- Outlook Negative Media and entertainment TEG Pty Ltd. Yes 770 Australia Asia/Pacific
B- Outlook Negative Media and entertainment TMF Sapphire Midco B.V. 1,413 U.K. Europe
B- Outlook Negative Media and entertainment Tornante - MDP Joe Holding LLC 125 U.S. U.S.
B- Outlook Negative Media and entertainment Vue International Bidco plc 894 U.K. Europe
B- Outlook Negative Media and entertainment World Endurance Holdings Inc. 520 U.S. U.S.
B- Outlook Negative Merchant power Terra-Gen Finance Co. LLC Terra-Gen Power Holding II LLC 323 U.S. U.S.
B- Outlook Negative Metals, mining, and steel Baffinland Iron Mines Corp. 1,850 Canada Canada
B- Outlook Negative Metals, mining, and steel Cleveland-Cliffs Inc. Yes 6,857 U.S. U.S.
B- Outlook Negative Metals, mining, and steel Eurasian Resources Group (ERG) S.a.r.l. - Luxembourg Europe
B- Outlook Negative Metals, mining, and steel MRC Global (US) Inc. McJunkin Red Man Holding Corp. Yes 399 U.S. U.S.
B- Outlook Negative Metals, mining, and steel United States Steel Corp. 2,100 U.S. U.S.
B- Outlook Negative Metals, mining, and steel WireCo WorldGroup Inc. Yes 595 U.S. U.S.
B- Outlook Negative Midstream BCP Raptor II, LLC BCP Raptor HoldCo 690 U.S. U.S.
B- Outlook Negative Midstream EagleClaw Midstream Ventures, LLC BCP Raptor HoldCo - U.S. U.S.
B- Outlook Negative Midstream Medallion Gathering & Processing, LLC Medallion Midland Acquisition, LLC - U.S. U.S.
B- Outlook Negative Midstream Navitas Midstream Midland Basin, LLC 390 U.S. U.S.
B- Outlook Negative Midstream Oryx Midstream Holdings LLC 1,500 U.S. U.S.
B- Outlook Negative Midstream Paradigm Midstream LLC 400 U.S. U.S.
B- Outlook Negative Midstream WaterBridge Operating LLC WaterBridge Resources, LLC 1,000 U.S. U.S.
B- Outlook Negative Midstream Zenith Energy U.S. Logistics Holdings, LLC Yes 450 U.S. U.S.
B- Outlook Negative Oil and gas Antero Resources Corp. 6,400 U.S. U.S.
B- Outlook Negative Oil and gas BEP Ulterra Holdings Inc., Yes 415 U.S. U.S.
B- Outlook Negative Oil and gas Berry Petroleum Corp. Yes 350 U.S. U.S.
B- Outlook Negative Oil and gas Encino Acquisition Partners LLC 550 U.S. U.S.
B- Outlook Negative Oil and gas EnVen Energy Corp. Yes 650 U.S. U.S.
B- Outlook Negative Oil and gas Laredo Petroleum Inc. Yes 1,800 U.S. U.S.
B- Outlook Negative Oil and gas Matador Resources Co. 1,000 U.S. U.S.
B- Outlook Negative Oil and gas Nabors Industries Ltd. Yes 3,725 Bermuda U.S.
B- Outlook Negative Oil and gas Welltec A/S 340 Denmark Europe
B- Outlook Negative Retail/restaurants AutoCanada Inc. Yes 90 Canada Canada
B- Outlook Negative Retail/restaurants Conn's Inc. Yes 2,850 U.S. U.S.
B- Outlook Negative Retail/restaurants Eyemart Express Holdings LLC Yes 355 U.S. U.S.
B- Outlook Negative Retail/restaurants Golden Nugget Inc. Yes 5,998 U.S. U.S.
B- Outlook Negative Retail/restaurants K-Mac Holdings Corp. Yes 480 U.S. U.S.
B- Outlook Negative Retail/restaurants L1R HB Finance Ltd. 1,012 U.K. Europe
B- Outlook Negative Retail/restaurants Mavis Tire Express Services Corp. Yes 1,795 U.S. U.S.
B- Outlook Negative Retail/restaurants PAX Midco Spain Yes 1,141 Spain Europe
B- Outlook Negative Retail/restaurants Tacala LLC Yes 564 U.S. U.S.
B- Outlook Negative Telecommunications Aventiv Technologies, LLC 1,665 U.S. U.S.
B- Outlook Negative Telecommunications Cologix Holdings Inc., 425 U.S. U.S.
B- Outlook Negative Telecommunications DISH DBS Corp. DISH Network Corp. 9,250 U.S. U.S.
B- Outlook Negative Telecommunications GCI, LLC GCI Liberty Inc., 1,556 U.S. U.S.
B- Outlook Negative Telecommunications Intrado Corp. 5,407 U.S. U.S.
B- Outlook Negative Telecommunications Oi S.A. Yes 1,654 Brazil Latin America
B- Outlook Negative Telecommunications Xplornet Communications Inc. 775 Canada Canada
B- Outlook Negative Transportation Bahia de las Isletas, S.L. 632 Spain Europe
B- Outlook Negative Transportation Daseke Inc. 500 U.S. U.S.
B- Outlook Negative Transportation International Seaways Inc., 25 Marshall Islands Asia/Pacific
B- Outlook Negative Transportation Navios Maritime Acquisition Corp. Navios Maritime Holdings Inc. Yes 1,340 Marshall Islands Asia/Pacific
B- Outlook Negative Transportation Promontoria Holding 264 B.V. Yes 826 Netherlands Europe
B- Outlook Negative Transportation Toro Private Holdings I, Ltd. 3,300 U.K. Europe
B- Outlook Negative Utilities Calumet Specialty Products Partners LP Yes 4,250 U.S. U.S.
B- Outlook Negative Utilities Ellaktor S.A. 728 Greece Europe
CCC+ CreditWatch Negative Aerospace and defense MB Aerospace Holdings II Corp. 305 U.K. Europe
CCC+ CreditWatch Negative Automotive Bright Bidco B.V. Yes 1,683 Netherlands Europe
CCC+ CreditWatch Negative Automotive K&N Parent Inc., 345 U.S. U.S.
CCC+ CreditWatch Negative Automotive Pearl Holding III Ltd. Yes 175 China Asia/Pacific
CCC+ CreditWatch Negative Capital goods Neenah Enterprises Inc., 120 U.S. U.S.
CCC+ CreditWatch Negative Consumer products Array Canada Inc. 315 Canada Canada
CCC+ CreditWatch Negative Consumer products Output Services Group Inc., Yes 1,496 U.S. U.S.
CCC+ CreditWatch Negative Health care Affordable Care Holding Corp. 516 U.S. U.S.
CCC+ CreditWatch Negative Health care Exactech Inc., Yes 270 U.S. U.S.
CCC+ CreditWatch Negative Health care Femur Buyer Inc., Yes 485 U.S. U.S.
CCC+ CreditWatch Negative Health care Premier Dental Services Inc. 996 U.S. U.S.
CCC+ CreditWatch Negative Health care YI Group Holdings, LLC 338 U.S. U.S.
CCC+ CreditWatch Negative Homebuilders/real estate companies IRSA Inversiones y Representaciones S.A. Cresud S.A.C.I.F. y A. 431 Argentina Latin America
CCC+ CreditWatch Negative Media and entertainment CBAC Borrower LLC 300 U.S. U.S.
CCC+ CreditWatch Negative Media and entertainment Cineworld Group PLC Yes 6,567 U.K. Europe
CCC+ CreditWatch Negative Media and entertainment Enterprise Development Authority 450 U.S. U.S.
CCC+ CreditWatch Negative Media and entertainment Gateway Casinos & Entertainment Ltd. 695 Canada Canada
CCC+ CreditWatch Negative Media and entertainment Hanjin International Corp. Korean Air Lines Co. Ltd. 600 Korea, Republic of Asia/Pacific
CCC+ CreditWatch Negative Media and entertainment Thame and London Ltd. 548 U.K. Europe
CCC+ CreditWatch Negative Media and entertainment WeWork Companies LLC 702 U.S. U.S.
CCC+ CreditWatch Negative Metals, mining, and steel Century Aluminum Co. Yes 250 U.S. U.S.
CCC+ CreditWatch Negative Retail/restaurants Red Lobster Intermediate Holdings LLC 380 U.S. U.S.
CCC+ CreditWatch Negative Telecommunications Gogo Inc. 1,125 U.S. U.S.
CCC+ Outlook Negative Aerospace and defense Bombardier Inc. 9,314 Canada Canada
CCC+ Outlook Negative Aerospace and defense Sequa Corp. 1,270 U.S. U.S.
CCC+ Outlook Negative Automotive Accuride Corp. 363 U.S. U.S.
CCC+ Outlook Negative Automotive Dayco LLC - U.S. U.S.
CCC+ Outlook Negative Automotive GC EOS Buyer Inc. 875 U.S. U.S.
CCC+ Outlook Negative Automotive PT Gajah Tunggal Tbk. 250 Indonesia Asia/Pacific
CCC+ Outlook Negative Capital goods Ahern Rentals Inc. Yes 550 U.S. U.S.
CCC+ Outlook Negative Capital goods Aptim Corp. 515 U.S. U.S.
CCC+ Outlook Negative Capital goods ASP Unifrax Holdings Inc., Yes 1,287 U.S. U.S.
CCC+ Outlook Negative Capital goods Big Ass Fans, LLC Yes 349 U.S. U.S.
CCC+ Outlook Negative Capital goods CPM Holdings Inc. Yes 1,480 U.S. U.S.
CCC+ Outlook Negative Capital goods FGI Acquisition Corp. 200 France Europe
CCC+ Outlook Negative Capital goods Granite US Holdings Corp. 1,200 U.K. Europe
CCC+ Outlook Negative Capital goods Helix Acquisition Holdings Inc., Yes 2,055 U.S. U.S.
CCC+ Outlook Negative Capital goods Liqui-Box Holdings Inc., Yes 530 U.S. U.S.
CCC+ Outlook Negative Capital goods LTI Holdings Inc., 1,740 U.S. U.S.
CCC+ Outlook Negative Capital goods NESCO Holdings Inc., Yes 475 U.S. U.S.
CCC+ Outlook Negative Capital goods Range Parent Inc. Yes 620 U.S. U.S.
CCC+ Outlook Negative Capital goods Shape Technologies Group Inc., 350 U.S. U.S.
CCC+ Outlook Negative Capital goods Titan International Inc. 400 U.S. U.S.
CCC+ Outlook Negative Capital goods Welbilt Inc., Yes 1,325 U.S. U.S.
CCC+ Outlook Negative Capital goods Yak Access, LLC Yes 860 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Anchor Glass Container Corp. 800 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services DCG Acquisition Corp. Yes 1,378 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Diamond (BC) B.V. 2,443 Netherlands Europe
CCC+ Outlook Negative Chemicals, packaging, and environmental services Flint HoldCo S.a r.l. 2,506 Luxembourg Europe
CCC+ Outlook Negative Chemicals, packaging, and environmental services FXI Holdings Inc., 2,075 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Hoffmaster Group Inc. 547 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services PSC Industrial Outsourcing LP PSC Holdings I LP Yes 570 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Road Infrastructure Investment Holdings Inc., 614 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Transcendia Holdings Inc., 405 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Zep Inc. 725 U.S. U.S.
CCC+ Outlook Negative Chemicals, packaging, and environmental services Zinc-Polymer Parent Holdings, LLC 355 U.S. U.S.
CCC+ Outlook Negative Consumer products Arctic Glacier Group Holdings Inc., 880 U.S. U.S.
CCC+ Outlook Negative Consumer products Boparan Holdings Ltd. 737 U.K. Europe
CCC+ Outlook Negative Consumer products Brown Jordan International Inc. 165 U.S. U.S.
CCC+ Outlook Negative Consumer products CatLuxe Sarl CatLuxe Acquistion Sarl Yes 234 Luxembourg Europe
CCC+ Outlook Negative Consumer products Elevate Textiles Inc., 710 U.S. U.S.
CCC+ Outlook Negative Consumer products KC Culinarte Holdings LP 313 U.S. U.S.
CCC+ Outlook Negative Consumer products KCIBT Holdings LP 1,070 U.S. U.S.
CCC+ Outlook Negative Consumer products New Look Bonds Ltd. - Jersey Europe
CCC+ Outlook Negative Consumer products Rodan & Fields, LLC 600 U.S. U.S.
CCC+ Outlook Negative Consumer products Tailored Brands Inc., 1,500 U.S. U.S.
CCC+ Outlook Negative Consumer products Takko Fashion S.a.r.l. Yes 554 Luxembourg Europe
CCC+ Outlook Negative Consumer products The Talbots Inc. 410 U.S. U.S.
CCC+ Outlook Negative Consumer products TMK Hawk Parent, Corp. 820 U.S. U.S.
CCC+ Outlook Negative Consumer products Transcom TopCo AB Yes 196 Sweden Europe
CCC+ Outlook Negative Consumer products Tupperware Brands Corp. Yes 600 U.S. U.S.
CCC+ Outlook Negative Consumer products Varsity Brands Holding Co. Inc. 2,800 U.S. U.S.
CCC+ Outlook Negative Financial institutions Banco De Galicia Y Buenos Aires S.A.U. Yes 250 Argentina Latin America
CCC+ Outlook Negative Financial institutions Banco de la Provincia de Buenos Aires Yes - Argentina Latin America
CCC+ Outlook Negative Financial institutions Banco Patagonia S.A. Banco do Brasil S.A. Yes - Argentina Latin America
CCC+ Outlook Negative Financial institutions CCF Holdings LLC 319 U.S. U.S.
CCC+ Outlook Negative Financial institutions DriveTime Automotive Group Inc., Yes 800 U.S. U.S.
CCC+ Outlook Negative Financial institutions Provident Funding Associates L.P. 325 U.S. U.S.
CCC+ Outlook Negative Forest products and building materials Apex Tool Group, LLC Yes 1,559 U.S. U.S.
CCC+ Outlook Negative Forest products and building materials Distribution International Inc. DI Purchaser, Inc. Yes - U.S. U.S.
CCC+ Outlook Negative Forest products and building materials Millar Western Forest Products Ltd. Millar Western Industries Ltd. Yes 108 Canada Canada
CCC+ Outlook Negative Forest products and building materials Rayonier Advanced Materials Inc. 550 U.S. U.S.
CCC+ Outlook Negative Health care Alcami Corp. 1,425 U.S. U.S.
CCC+ Outlook Negative Health care Aveanna Healthcare LLC Aveanna Healthcare Holdings Inc. 1,046 U.S. U.S.
CCC+ Outlook Negative Health care Community Health Systems Inc. 20,694 U.S. U.S.
CCC+ Outlook Negative Health care Heartland Dental, LLC Hadrian Merger Sub Inc. 1,610 U.S. U.S.
CCC+ Outlook Negative Health care Medical Depot Holdings Inc., 915 U.S. U.S.
CCC+ Outlook Negative Health care nThrive Inc., 751 U.S. U.S.
CCC+ Outlook Negative Health care Viant Medical Holdings Inc., Yes 793 U.S. U.S.
CCC+ Outlook Negative Health care Vyaire Medical Inc., 360 U.S. U.S.
CCC+ Outlook Negative Health care YanAn Bicon Pharmaceutical Listed Co. - China Asia/Pacific
CCC+ Outlook Negative High technology Finastra Ltd. Yes 36,003 Cayman Islands U.S.
CCC+ Outlook Negative High technology Natel Engineering Co. Inc., Natel Engineering Holdings Inc., Yes 325 U.S. U.S.
CCC+ Outlook Negative High technology Priority Holdings, LLC Yes 1,187 U.S. U.S.
CCC+ Outlook Negative High technology Riverbed Parent Inc., 2,150 U.S. U.S.
CCC+ Outlook Negative High technology SuperMoose Newco Inc., 1,335 U.S. U.S.
CCC+ Outlook Negative High technology Transact Holdings Inc., Yes 260 U.S. U.S.
CCC+ Outlook Negative Homebuilders/real estate companies PT Alam Sutera Realty Tbk. Yes 545 Indonesia Asia/Pacific
CCC+ Outlook Negative Homebuilders/real estate companies Washington Prime Group Inc. 1,643 U.S. U.S.
CCC+ Outlook Negative Media and entertainment 24 Hour Fitness Worldwide Inc. 1,350 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Aimbridge Acquisition Co. Inc. 770 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Beasley Broadcast Group Inc. Yes 260 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Bioplan USA Inc., 1,040 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Casablanca Global Intermediate Holdings L.P. 1,900 British Virgin Islands Europe
CCC+ Outlook Negative Media and entertainment ClubCorp Holdings Inc., 1,600 U.S. U.S.
CCC+ Outlook Negative Media and entertainment CPI Card Group Inc. 465 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Diamond Resorts International Inc., 1,990 U.S. U.S.
CCC+ Outlook Negative Media and entertainment DTI Holdco Inc., 1,195 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Endeavor Operating Co., LLC Yes 10,840 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Excel Fitness Holdings Inc., 260 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Grupo Posadas, S. A. B. de C. V. 400 Mexico Latin America
CCC+ Outlook Negative Media and entertainment HNVR Midco Ltd. 2,624 U.K. Europe
CCC+ Outlook Negative Media and entertainment Hurtigruten Group AS Silk Holdings Sarl 1,130 Norway Europe
CCC+ Outlook Negative Media and entertainment KUEHG Corp. 1,387 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Lakeland Holdings, LLC 595 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Learfield Communications, LLC 962 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Mohegan Tribal Finance Authority Yes 97 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Mohegan Tribal Gaming Authority Yes 1,876 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Peninsula Pacific Entertainment LLC Yes 275 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Richmond UK Holdco Ltd. 1,681 U.K. Europe
CCC+ Outlook Negative Media and entertainment Southern Graphics Inc. 679 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Topgolf International Inc., 350 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Tribe Buyer LLC Yes 400 U.S. U.S.
CCC+ Outlook Negative Media and entertainment United PF Holdings, LLC 746 U.S. U.S.
CCC+ Outlook Negative Media and entertainment Vericast Corp. 3,670 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Conuma Coal Resources Ltd. 200 Canada Canada
CCC+ Outlook Negative Metals, mining, and steel Covia Holdings Corp. SCR-Sibelco NV Yes 1,650 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Ferroglobe PLC Grupo Villar Mir S.A.U. - U.K. Europe
CCC+ Outlook Negative Metals, mining, and steel Hi- Crush Inc. 450 U.S. U.S.
CCC+ Outlook Negative Metals, mining, and steel Taseko Mines Ltd. 250 Canada Canada
CCC+ Outlook Negative Metals, mining, and steel U.S. Silica Co. 1,280 U.S. U.S.
CCC+ Outlook Negative Midstream Epic Y Grade Services, LP Yes 950 U.S. U.S.
CCC+ Outlook Negative Midstream Gulf Finance, LLC 1,150 U.S. U.S.
CCC+ Outlook Negative Midstream Woodford Express, LLC 364 U.S. U.S.
CCC+ Outlook Negative Oil and gas Ascent Resources Utica Holdings, LLC 2,700 U.S. U.S.
CCC+ Outlook Negative Oil and gas Basic Energy Services Inc. 300 U.S. U.S.
CCC+ Outlook Negative Oil and gas Compania General de Combustibles S.A. Yes 300 Argentina Latin America
CCC+ Outlook Negative Oil and gas Crew Energy Inc. 215 Canada Canada
CCC+ Outlook Negative Oil and gas Denbury Resources Inc. 4,670 U.S. U.S.
CCC+ Outlook Negative Oil and gas EnQuest PLC 650 U.K. Europe
CCC+ Outlook Negative Oil and gas Ensign Drilling Inc. Ensign Energy Services Inc. Yes 700 Canada Canada
CCC+ Outlook Negative Oil and gas Extraction Oil & Gas Inc. Extraction Oil & Gas Holdings, LLC 950 U.S. U.S.
CCC+ Outlook Negative Oil and gas Great Western Petroleum LLC 600 U.S. U.S.
CCC+ Outlook Negative Oil and gas Gulfport Energy Corp. 2,050 U.S. U.S.
CCC+ Outlook Negative Oil and gas HGIM Corp. Yes 350 U.S. U.S.
CCC+ Outlook Negative Oil and gas HighPoint Resources Corp. 675 U.S. U.S.
CCC+ Outlook Negative Oil and gas ION Geophysical Corp. 121 U.S. U.S.
CCC+ Outlook Negative Oil and gas Jonah Energy LLC 2,100 U.S. U.S.
CCC+ Outlook Negative Oil and gas MEG Energy Corp. Yes 2,950 Canada Canada
CCC+ Outlook Negative Oil and gas Moss Creek Resources Holdings Inc., Yes 1,200 U.S. U.S.
CCC+ Outlook Negative Oil and gas Northern Oil and Gas Inc. Yes 694 U.S. U.S.
CCC+ Outlook Negative Oil and gas Oasis Petroleum Inc. 2,475 U.S. U.S.
CCC+ Outlook Negative Oil and gas Osum Oil Sands Corp. Yes 210 Canada Canada
CCC+ Outlook Negative Oil and gas Petroquimica Comodoro Rivadavia S.A. Yes - Argentina Latin America
CCC+ Outlook Negative Oil and gas Tervita Corp. Yes 610 Canada Canada
CCC+ Outlook Negative Oil and gas Tullow Oil PLC 1,450 U.K. Europe
CCC+ Outlook Negative Oil and gas Vesta Energy Corp. 144 Canada Canada
CCC+ Outlook Negative Oil and gas W&T Offshore Inc. Yes 625 U.S. U.S.
CCC+ Outlook Negative Oil and gas YPF S.A 1,968 Argentina Latin America
CCC+ Outlook Negative Retail/restaurants At Home Group Inc. 425 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants BDF Acquisition Corp. 265 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Beverages & More Inc., 190 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Carrols Restaurant Group Inc., Yes 425 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Cooper's Hawk Intermediate Holding, LLC Yes 200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Fogo De Chao Inc., Yes 324 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants GPS Hospitality Holding Co. LLC 265 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Kirk Beauty One GmbH Yes 2,505 Germany Europe
CCC+ Outlook Negative Retail/restaurants Main Event Entertainment Inc., Ardent Leisure Ltd. 200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Maxeda DIY Group B.V. Yes 570 Netherlands Europe
CCC+ Outlook Negative Retail/restaurants Mister Car Wash Holdings Inc., Yes 800 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants New Academy Holding Co. LLC 1,825 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Party City Holdings Inc., PC Nextco Holdings LLC 2,061 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Petco Holdings Inc. 3,200 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Quidditch Acquisition Inc., Yes 204 U.S. U.S.
CCC+ Outlook Negative Retail/restaurants Stonegate Pub Co. Ltd. - U.K. Europe
CCC+ Outlook Negative Retail/restaurants Wok Holdings Inc., 430 U.S. U.S.
CCC+ Outlook Negative Telecommunications Flexential Intermediate Corp. 1,760 U.S. U.S.
CCC+ Outlook Negative Telecommunications GTT Communications Inc., 3,415 U.S. U.S.
CCC+ Outlook Negative Telecommunications IPC Corp. 1,454 U.S. U.S.
CCC+ Outlook Negative Telecommunications Premiere Global Services Inc. 1,330 U.S. U.S.
CCC+ Outlook Negative Telecommunications Syniverse Holdings Inc., Yes 1,922 U.S. U.S.
CCC+ Outlook Negative Telecommunications Telecom Argentina S.A. 400 Argentina Latin America
CCC+ Outlook Negative Transportation Kenan Advantage Group Inc. Yes 1,445 U.S. U.S.
CCC+ Outlook Negative Transportation United States Shipping Corp. 220 U.S. U.S.
CCC+ Outlook Negative Transportation YRC Worldwide Inc. Yes 600 U.S. U.S.
CCC+ Outlook Negative Utilities AES Argentina Generacion S.A AES Corp. (The) 300 Argentina Latin America
CCC+ Outlook Negative Utilities CAPEX S.A. 300 Argentina Latin America
CCC+ Outlook Negative Utilities Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. 99 Argentina Latin America
CCC+ Outlook Negative Utilities Empresa Distribuidora Y Comercializadora Norte S.A. 300 Argentina Latin America
CCC+ Outlook Negative Utilities Pampa Energia S.A. 1,550 Argentina Latin America
CCC+ Outlook Negative Utilities Transportadora de Gas del Sur S.A. (TGS) Compania De Inversiones de Energia S.A. 500 Argentina Latin America
CCC CreditWatch Negative Automotive USF Holdings LLC Yes 570 U.S. U.S.
CCC CreditWatch Negative Capital goods Praesidiad Group Ltd. 345 U.K. Europe
CCC CreditWatch Negative Consumer products Grupo Kaltex, S.A. de C.V. Yes 320 Mexico Latin America
CCC CreditWatch Negative Homebuilders/real estate companies Sunshine 100 China Holdings Ltd. Yes - Cayman Islands U.S.
CCC CreditWatch Negative Media and entertainment Downstream Development Authority 555 U.S. U.S.
CCC CreditWatch Negative Transportation Neovia Logistics Intermediate Holdings, LP Yes 325 U.S. U.S.
CCC Outlook Negative Automotive APC Automotive Technologies Intermediate Holdings, LLC 696 U.S. U.S.
CCC Outlook Negative Automotive Horizon Global Corp. 150 U.S. U.S.
CCC Outlook Negative Automotive McLaren Group Ltd. Yes 811 U.K. Europe
CCC Outlook Negative Automotive SK HoldCo LLC 1,370 U.S. U.S.
CCC Outlook Negative Capital goods Briggs & Stratton Corp. 225 U.S. U.S.
CCC Outlook Negative Capital goods CLISA-Compania Latinoamericana de Infraestructura & Servicios S.A. 300 Argentina Latin America
CCC Outlook Negative Capital goods Form Technologies LLC 1,103 U.S. U.S.
CCC Outlook Negative Capital goods Hoover Group Inc., 225 U.S. U.S.
CCC Outlook Negative Capital goods MAI Holdings Inc., 135 U.S. U.S.
CCC Outlook Negative Capital goods Optimas OE Solutions Holding, LLC 450 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services Polymer Additives Holdings, Inc. Yes 405 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services Strategic Materials Holding Corp. 315 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services UFS Holdings Inc., 254 U.S. U.S.
CCC Outlook Negative Chemicals, packaging, and environmental services Viskase Cos. Inc. Yes 275 U.S. U.S.
CCC Outlook Negative Consumer products Anastasia Holdings, LLC 650 U.S. U.S.
CCC Outlook Negative Consumer products ASP MCS Acquisition Corp. 455 U.S. U.S.
CCC Outlook Negative Consumer products Badger Finance, LLC Badger Intermediate Holdings LLC 1,172 U.S. U.S.
CCC Outlook Negative Consumer products Blue Ribbon Intermediate Holdings LLC - U.S. U.S.
CCC Outlook Negative Consumer products Flavors Holdings Inc. 400 U.S. U.S.
CCC Outlook Negative Consumer products Iconix Brand Group Inc. - U.S. U.S.
CCC Outlook Negative Consumer products Isagenix Worldwide Inc., - U.S. U.S.
CCC Outlook Negative Consumer products Lanai Holdings III Inc., 2,655 U.S. U.S.
CCC Outlook Negative Consumer products Missouri TopCo Ltd. Yes - U.K. Europe
CCC Outlook Negative Consumer products Never Slip Topco Inc. 283 U.S. U.S.
CCC Outlook Negative Consumer products NSA International, LLC 450 U.S. U.S.
CCC Outlook Negative Consumer products Outerstuff LLC 155 U.S. U.S.
CCC Outlook Negative Consumer products Renfro Corp. 220 U.S. U.S.
CCC Outlook Negative Consumer products StoneMor Partners L.P. 385 U.S. U.S.
CCC Outlook Negative Consumer products SunOpta Inc. - Canada Canada
CCC Outlook Negative Consumer products Winebow Group, LLC 360 U.S. U.S.
CCC Outlook Negative Financial institutions Banco Hipotecario S.A. Yes 350 Argentina Latin America
CCC Outlook Negative Health care ASP NAPA Holdings, LLC 353 U.S. U.S.
CCC Outlook Negative Health care Envision Healthcare Corp. Envision Healthcare Holdings Inc. Yes 7,070 U.S. U.S.
CCC Outlook Negative Health care Immucor Inc. Yes 1,047 U.S. U.S.
CCC Outlook Negative Health care Mallinckrodt plc 10,224 Ireland Europe
CCC Outlook Negative Health care Turnstone Midco 2 Ltd. 778 U.K. Europe
CCC Outlook Negative High technology Curvature Inc., 735 U.S. U.S.
CCC Outlook Negative High technology Optiv Inc., Yes 1,030 U.S. U.S.
CCC Outlook Negative Media and entertainment Codere S.A. - Spain Europe
CCC Outlook Negative Media and entertainment Equinox Holdings Inc. Yes 1,211 U.S. U.S.
CCC Outlook Negative Media and entertainment Imagine Group LLC (The) 524 U.S. U.S.
CCC Outlook Negative Media and entertainment Lago Resort & Casino 290 U.S. U.S.
CCC Outlook Negative Media and entertainment Learning Care Group (US) No. 2 Inc. Learning Care Group (US) Inc. Yes 710 U.S. U.S.
CCC Outlook Negative Media and entertainment Mood Media Corp. 556 U.S. U.S.
CCC Outlook Negative Media and entertainment Owl Finance Ltd. Hibu Group Ltd. Yes 280 U.K. Europe
CCC Outlook Negative Media and entertainment PT MNC Investama Tbk. 231 Indonesia Asia/Pacific
CCC Outlook Negative Media and entertainment Safari Beteiligungs Gmbh 380 Germany Europe
CCC Outlook Negative Media and entertainment Salem Media Group Inc. 255 U.S. U.S.
CCC Outlook Negative Media and entertainment Town Sports International Holdings Inc. 325 U.S. U.S.
CCC Outlook Negative Media and entertainment Urban One Inc., Yes 700 U.S. U.S.
CCC Outlook Negative Metals, mining, and steel International Wire Group Holdings Inc. 260 U.S. U.S.
CCC Outlook Negative Midstream Glass Mountain Pipeline, LLC 300 U.S. U.S.
CCC Outlook Negative Oil and gas Athabasca Oil Corp. Yes 450 Canada Canada
CCC Outlook Negative Oil and gas Fieldwood Energy LLC Yes 1,660 U.S. U.S.
CCC Outlook Negative Oil and gas Profrac Services, LLC 180 U.S. U.S.
CCC Outlook Negative Oil and gas Seadrill Partners LLC Seadrill Ltd. 2,900 Marshall Islands Asia/Pacific
CCC Outlook Negative Oil and gas Transocean Ltd. 9,946 Switzerland Europe
CCC Outlook Negative Oil and gas UTEX Industries Inc. 792 U.S. U.S.
CCC Outlook Negative Oil and gas Vantage Drilling International Yes 300 Cayman Islands U.S.
CCC Outlook Negative Oil and gas Weatherford International plc 2,490 Ireland Europe
CCC Outlook Negative Retail/restaurants Belk Inc., 1,058 U.S. U.S.
CCC Outlook Negative Retail/restaurants Burger BossCo Intermediate Inc., 193 U.S. U.S.
CCC Outlook Negative Retail/restaurants Distribuidora Internacional de Alimentacion S.A. 652 Spain Europe
CCC Outlook Negative Retail/restaurants Fresh Market Inc., (The) 800 U.S. U.S.
CCC Outlook Negative Retail/restaurants Guitar Center Holdings Inc. 946 U.S. U.S.
CCC Outlook Negative Retail/restaurants Hema B.V. AMEH XXVI B.V. 109 Netherlands Europe
CCC Outlook Negative Retail/restaurants Jo-Ann Stores Holdings Inc. 1,130 U.S. U.S.
CCC Outlook Negative Retail/restaurants Miller's Ale House Inc., Yes 271 U.S. U.S.
CCC Outlook Negative Retail/restaurants PHD Group Holdings LLC Yes 487 U.S. U.S.
CCC Outlook Negative Telecommunications Cyxtera DC Holdings Inc., 1,225 U.S. U.S.
CCC Outlook Negative Telecommunications iQor Holdings Inc. 820 U.S. U.S.
CCC Outlook Negative Telecommunications Logix Intermediate Holding Corp. 250 U.S. U.S.
CCC Outlook Negative Transportation CAR Inc. Yes 557 Cayman Islands U.S.
CCC Outlook Negative Transportation Swissport Group S.a.r.l Yes 1,798 Luxembourg Europe
CCC Outlook Negative Utilities GCL New Energy Holdings Ltd. GCL-Poly Energy Holdings Ltd. 500 Bermuda U.S.
CCC Outlook Negative Utilities Investimentos e Participacoes em Infraestrutura S.A. - Invepar - Brazil Latin America
CCC Outlook Negative Utilities Ukrainian Railways JSC Yes 500 Ukraine Eastern Europe/Middle East/Africa
CCC- CreditWatch Negative Automotive Aston Martin Holdings (UK) Ltd. 1,195 U.K. Europe
CCC- CreditWatch Negative Chemicals, packaging, and environmental services Grupo IDESA, S.A. de C.V. 300 Mexico Latin America
CCC- CreditWatch Negative Consumer products RGIS Holdings LLC Yes 460 U.S. U.S.
CCC- CreditWatch Negative Forest products and building materials Omnimax International Inc., 385 U.S. U.S.
CCC- CreditWatch Negative Telecommunications Alorica Inc. 1,063 U.S. U.S.
CCC- CreditWatch Negative Transportation Avianca Holdings S.A. 1,595 Panama Latin America
CCC- Outlook Negative Consumer products Ascena Retail Group Inc. 1,800 U.S. U.S.
CCC- Outlook Negative Consumer products Jill Acquisition LLC Jill Holdings LLC 290 U.S. U.S.
CCC- Outlook Negative Consumer products KNB Holdings Corp. 295 U.S. U.S.
CCC- Outlook Negative Consumer products Novartex - France Europe
CCC- Outlook Negative Consumer products Pyxus International Inc., 995 U.S. U.S.
CCC- Outlook Negative Consumer products Serta Simmons Bedding LLC 9,150 U.S. U.S.
CCC- Outlook Negative Financial institutions Corp Group Banking S.A. Inversiones CorpGroup Interhold, Ltda. 500 Chile Latin America
CCC- Outlook Negative Forest products and building materials Northwest Hardwoods Inc. 435 U.S. U.S.
CCC- Outlook Negative Health care CDRH Parent Inc., 1,590 U.S. U.S.
CCC- Outlook Negative High technology Navico Group AS 260 Norway Europe
CCC- Outlook Negative High technology Vestel Elektronik Sanayi Ve Ticaret A.S. Yes - Turkey Eastern Europe/Middle East/Africa
CCC- Outlook Negative Media and entertainment AMC Entertainment Holdings Inc. Yes 6,074 U.S. U.S.
CCC- Outlook Negative Media and entertainment Central Security Group Inc., 400 U.S. U.S.
CCC- Outlook Negative Media and entertainment Exela Technologies Inc. 2,396 U.S. U.S.
CCC- Outlook Negative Metals, mining, and steel Mountain Province Diamonds Inc. 660 Canada Canada
CCC- Outlook Negative Midstream Martin Midstream Partners L.P. 800 U.S. U.S.
CCC- Outlook Negative Oil and gas Bruin E&P Partners, LLC 600 U.S. U.S.
CCC- Outlook Negative Oil and gas Calfrac Well Services Ltd. - Canada Canada
CCC- Outlook Negative Oil and gas Chaparral Energy Inc. 300 U.S. U.S.
CCC- Outlook Negative Oil and gas FTS International Inc., 1,050 U.S. U.S.
CCC- Outlook Negative Oil and gas Lonestar Resources U.S. Inc., 250 U.S. U.S.
CCC- Outlook Negative Oil and gas Noble Corp. PLC Yes 5,200 U.K. Europe
CCC- Outlook Negative Oil and gas Nostrum Oil and Gas PLC 960 U.K. Europe
CCC- Outlook Negative Oil and gas Pacific Drilling S.A. 1,024 Luxembourg Europe
CCC- Outlook Negative Oil and gas Source Energy Services Ltd. 227 Canada Canada
CCC- Outlook Negative Oil and gas Valaris plc 9,550 U.K. Europe
CCC- Outlook Negative Oil and gas Vine Oil & Gas LP 1,760 U.S. U.S.
CCC- Outlook Negative Retail/restaurants California Pizza Kitchen Inc., 365 U.S. U.S.
CCC- Outlook Negative Retail/restaurants Grupo Famsa, S.A.B. de C.V. 81 Mexico Latin America
CCC- Outlook Negative Retail/restaurants Steak n Shake Inc. Biglari Holdings Inc. 220 U.S. U.S.
CCC- Outlook Negative Telecommunications Global Eagle Entertainment Inc. Yes 500 U.S. U.S.
CC CreditWatch Negative Health care Akorn Inc., Yes 1,045 U.S. U.S.
CC CreditWatch Negative Retail/restaurants GNC Holdings Inc. 1,254 U.S. U.S.
CC Outlook Negative Consumer products Revlon Inc. 2,300 U.S. U.S.
CC Outlook Negative Media and entertainment Buena Vista Gaming Authority 205 U.S. U.S.
CC Outlook Negative Media and entertainment GK Holdings Inc., 225 U.S. U.S.
CC Outlook Negative Media and entertainment Travelex Holdings Ltd. 503 U.K. Europe
CC Outlook Negative Midstream CSI Compressco LP Yes 1,400 U.S. U.S.
CC Outlook Negative Midstream Ferrellgas Partners L.P. 5,064 U.S. U.S.
CC Outlook Negative Oil and gas California Resources Corp. 7,429 U.S. U.S.
CC Outlook Negative Oil and gas Callon Petroleum Co. Yes 1,900 U.S. U.S.
CC Outlook Negative Oil and gas Centennial Resource Development Inc., 900 U.S. U.S.
CC Outlook Negative Oil and gas Chesapeake Energy Corp. 11,630 U.S. U.S.
CC Outlook Negative Oil and gas Forum Energy Technologies Inc., 400 U.S. U.S.
CC Outlook Negative Oil and gas SM Energy Co. Yes 2,300 U.S. U.S.
CC Outlook Negative Oil and gas Superior Energy Services Inc. 1,300 U.S. U.S.
CC Outlook Negative Oil and gas Unit Corp. 650 U.S. U.S.
CC Outlook Negative Retail/restaurants CEC Entertainment Inc. Yes 1,015 U.S. U.S.
CC Outlook Negative Retail/restaurants PIZZAEXPRESS FINANCING 1 PLC Yes 249 U.K. Europe
CC Outlook Negative Utilities Aeropuertos Argentina 2000 S.A. 400 Argentina Latin America
Data as of May 11, 2020. Source: S&P Global Ratings Research.

For additional information regarding weakest links, please see our most recent quarterly publication, "Social Distancing Boosts Weakest Links," published April 8, 2020.

Related Research

  • J. Crew And Virgin Australia Help Push The 2020 Corporate Default Tally To 66, April 7, 2020
  • Recession Likely Will Spur The European Speculative-Grade Default Rate To Rise Toward 8%, March 31, 2020
  • It's Game Over For The Record U.S. Run; The Timing Of A Restart Remains Uncertain, March 27, 2020
  • The Global Recession Is Likely To Push The U.S. Default Rate To 10%, March 20, 2020
  • When The Credit Cycle Turns: Spotlight On Recovery Prospects For The U.S. Consumer Products' Sector, Feb. 6, 2020

This report does not constitute a rating action.

Credit Markets Research:Nicole Serino, New York + 1 (212) 438 1396;
nicole.serino@spglobal.com
Sudeep K Kesh, New York (1) 212-438-7982;
sudeep.kesh@spglobal.com

No content (including ratings, credit-related analyses and data, valuations, model, software or other application or output therefrom) or any part thereof (Content) may be modified, reverse engineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Standard & Poor’s Financial Services LLC or its affiliates (collectively, S&P). The Content shall not be used for any unlawful or unauthorized purposes. S&P and any third-party providers, as well as their directors, officers, shareholders, employees or agents (collectively S&P Parties) do not guarantee the accuracy, completeness, timeliness or availability of the Content. S&P Parties are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, for the results obtained from the use of the Content, or for the security or maintenance of any data input by the user. The Content is provided on an “as is” basis. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. In no event shall S&P Parties be liable to any party for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, costs, expenses, legal fees, or losses (including, without limitation, lost income or lost profits and opportunity costs or losses caused by negligence) in connection with any use of the Content even if advised of the possibility of such damages.

Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P assumes no obligation to update the Content following publication in any form or format. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions. S&P does not act as a fiduciary or an investment advisor except where registered as such. While S&P has obtained information from sources it believes to be reliable, S&P does not perform an audit and undertakes no duty of due diligence or independent verification of any information it receives. Rating-related publications may be published for a variety of reasons that are not necessarily dependent on action by rating committees, including, but not limited to, the publication of a periodic update on a credit rating and related analyses.

To the extent that regulatory authorities allow a rating agency to acknowledge in one jurisdiction a rating issued in another jurisdiction for certain regulatory purposes, S&P reserves the right to assign, withdraw or suspend such acknowledgment at any time and in its sole discretion. S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof.

S&P keeps certain activities of its business units separate from each other in order to preserve the independence and objectivity of their respective activities. As a result, certain business units of S&P may have information that is not available to other S&P business units. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process.

S&P may receive compensation for its ratings and certain analyses, normally from issuers or underwriters of securities or from obligors. S&P reserves the right to disseminate its opinions and analyses. S&P's public ratings and analyses are made available on its Web sites, www.standardandpoors.com (free of charge), and www.ratingsdirect.com and www.globalcreditportal.com (subscription), and may be distributed through other means, including via S&P publications and third-party redistributors. Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees.

Any Passwords/user IDs issued by S&P to users are single user-dedicated and may ONLY be used by the individual to whom they have been assigned. No sharing of passwords/user IDs and no simultaneous access via the same password/user ID is permitted. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: research_request@spglobal.com.

 

Create a free account to unlock the article.

Gain access to exclusive research, events and more.

Already have an account?    Sign in